"In the coming years, the demand for U.S. government bonds in the digital asset space is expected to surge."
Original: cryptoslate
Translation: Blockchain Knight
U.S. Treasury Secretary Scott Bessent stated that in the coming years, the demand for U.S. government bonds in the digital asset space could potentially reach $2 trillion.
Bessent made these remarks during a hearing held by the House Financial Services Committee on the global financial system, where he emphasized the increasing financial importance of digital assets to the broader economy.
Bessent noted that the U.S. must take a leadership role in establishing global standards for the crypto asset market, pointing out that the U.S. has the opportunity to benefit while guiding innovation.
He cited that the integration of stablecoins and other blockchain-based financial products with the U.S. dollar and the U.S. Treasury market is deepening, indicating that digital assets can support America's national financial interests.
Demand for Treasury Bonds Driven by Stablecoin Growth
Most of the anticipated demand is expected to come from stablecoins. Currently, stablecoins heavily rely on U.S. short-term Treasury bonds to maintain their reserves.
As of the end of March, the world's largest stablecoin issuer, Tether, held nearly $120 billion in short-term U.S. Treasury bonds as reserves for USDT. Meanwhile, as of February 2025, Circle, the issuer of USDC, reported holding over $22 billion in U.S. Treasury bonds.
With the increase in stablecoin circulation and rising global demand, the need for low-risk assets like Treasury bonds as corresponding collateral is also growing.
The connection between digital assets and the U.S. debt market is becoming increasingly tight, as private stablecoin issuers are increasingly becoming stable institutional buyers of U.S. Treasury bonds.
This emerging source of demand may add new resilience and liquidity to the U.S. Treasury market, especially amid widespread concerns about overseas investors' willingness to purchase U.S. Treasury bonds.
U.S. Congress Weighs New Legislation
Proposed legislation aimed at clarifying the role of stablecoin issuers in the U.S. Treasury market ecosystem further reinforces expectations for potential demand growth.
The 2025 Stablecoin Trust and Bank Licensing Enforcement Act (STABLE Act of 2025) and the 2025 Government Digital Currency Innovation and User Safety Act (GENIUS Act of 2025), currently under consideration in Congress, both require stablecoin issuers to fully collateralize their issued stablecoins with high-quality liquid assets, including short-term Treasury bonds.
However, due to political divisions between Democrats and Republicans, these bills may face delays. Recently, nine lawmakers withdrew their support for the bills, citing a lack of adequate investor protection rules.
If these bills are passed, they would effectively require the entire stablecoin industry to invest in Treasury bonds, thereby integrating digital dollars more deeply into U.S. financial infrastructure.
Supporters of these bills argue that such regulations would enhance trust in stablecoins while solidifying the dollar's dominance in the digital market.
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